-reported investment styles, and to improve relative performance evaluation. Subsequently, we relate style analysis to performance … evaluation and present results on the performance of Dutch mutual funds. Most strinkingly, Dutch mutual funds that mainly invest …

level of risk. The performance of pension funds is often measured by their global asset returns because of the latter …

expansion periods when funds have statistically significant negative risk-adjusted performance and not recession periods when … risk-adjusted fund performance is positive. These results imply that traditional unconditional performance measures … risk-adjusted performance (or alpha) difference between recession and expansion periods is statistically and economically …

impact of past performance on flows.We model the flow-performance relationship at the monthly frequency, allowing for … dependence of the sensitivity of flows to past performance on size and age of the fund.The dynamics of the impact of past … performance is modelled using polynomial lag structures.Performance from 6 to 8 months ago seems to have thestrongest impact on …

fund performance in the first semester of a year influences risk-taking in the second semester.However, we show that …